Geithner: US Will Reach Debt Ceiling on Monday
Treasury secretary prepares 'emergency measures'
By Neal Colgrass, Newser Staff
Posted Dec 26, 2012 5:40 PM CST
In this Nov. 30, 2012, photo provided by CBS News Treasury Secretary Timothy Geithner answers questions about averting the "fiscal cliff" on an episode of “Face the Nation” on Sunday, Dec. 2, 2012.   (AP Photo/CBS News, Chris Usher)

(Newser) – The federal government will hit the debt ceiling on Monday, Timothy Geithner informed Congress today—so he's readying "emergency measures" to keep Washington from borrowing beyond its limit. Those measures will create roughly $200 billion in breathing room for the feds to operate, which would typically cover two months' worth of borrowing. But the Treasury secretary warned that it's unclear how much time his extraordinary measures will buy if the US goes over the fiscal cliff, CNNMoney reports.

"If left unresolved, the expiring tax provisions and automatic spending cuts, as well as the attendant delays in filing of tax returns, would have the effect of adding some additional time to the duration of the extraordinary measures," he wrote in a letter. In that case the government could default on at least some financial obligations. Congress, however, has made little effort to raise the debt ceiling, and Republicans have used it as a means of leverage in the fiscal cliff negotiations. Geithner's "extraordinary measures" will include no longer reinvesting federal workers' retirement account contributions in government bonds.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Geithner: US Will Reach Debt Ceiling on Monday is...
18%
32%
4%
19%
4%
23%
Show results without voting
You Might Like
Comments
Showing 3 of 92 comments
Kent
Dec 29, 2012 10:36 AM CST
more manure from the tax cheat
2poor
Dec 27, 2012 5:42 PM CST
"when the going gets rough...the rough get going" is an old adage of football terms. "when the going gets rough...the wannabe rough get gone" is 2poor's term for cornelison and the other clown on this board...LOL No reply when I spanked their butts with FACTS. YEP...BOTH ignoramises went underground on me....ha ha ha ha. FACTS hurt don't they corney ol gal? LOL
nancy953
Dec 27, 2012 2:28 PM CST
just before I saw the draft saying $7940, I didn't believe that...my... sister woz like actually earning money part-time from there pretty old laptop.. there great aunt has done this less than 22 months and a short time ago repayed the debts on their house and purchased a gorgeous Lotus Esprit. read more at, jump15.com